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After several years of growing market activity, a Melbourne suburb has finally topped the list when it comes to building approvals.
A new report by the Housing Industry Association has highlighted the suburb of Mickleham as Australia’s leading hotspot for home construction.
Listed in HIA’s latest Population & Residential Building Hotspots Report, Mickleham currently boasts a population growth rate of 32.8 per cent and $412.1 million in building approvals.
According to HIA economist Angela Lillicrap, “Mickleham – Yuroke has been a regular in the National Top 20 Building Hotspots list over the past couple of years, along with second on the list, Rockbank – Mount Cottrell.”
“Australia’s population growth has been constrained due to closed borders. COVID-19 has also seen consumer preferences shift away from inner-city apartment-style living to detached housing in regional areas.”
As a result, Ms Lillicrap said that HIA expects to see more and more regional areas make the cut when it comes to future reports.
HIA’s most recent Population & Residential Building Hotspots Report found that 11 of the top 20 hotspots – areas where the population rate is increasing faster than the national average and over $150 million in residential construction has been approved over the last 12 months – were located in Victoria.
NSW managed to secure five slots, while South-East Queensland came away with three. Meanwhile, the ACT suburb of Greenway held the final spot.
A full list of HIA’s top 20 hotspots is as follows:
Recent data from the ABS found that monthly detached building approvals in Australia hit record highs for the third month in a row in April 2021.
The federal government took credit for the result.
Minister for Housing Michael Sukkar said, “This near-record set of numbers is further proof that the Morrison government’s plan for housing is working and underpinning Australia’s economic recovery.”
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.